Laboratory Equipment Services Market size is estimated to reach $19.24 billion by 2025, growing at a CAGR of 11.16% during the forecast period 2020-2025. Laboratory Equipment refers to the various tools and equipment used by the scientists who work in a laboratory. Laboratory Equipment is used to perform an experiment or to take measurements and gather data. Increase in the demand for effective diagnosis of diseases, government initiatives, growing research activities in the pharmaceutical and biotechnological industries and growing demand for laboratory automation are the factors that are set to drive the growth of the global market for the forecast period 2020-2025.
Key Takeaways
- Geographically, North America Laboratory Equipment Services Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the high demand.
- The increase in the technology and awareness among customers is likely to aid in the market growth of Laboratory Equipment Services Market.
- Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Laboratory Equipment Services Market report.
- The increase in the number of chronic diseases and increase in the demand for laboratory automation are creating higher opportunities for the growth of market for the forecast period 2020-2025.
By Service Type- Segment Analysis
Based on the Service Type, the Repair and Maintenance segment held the largest share in 2019 owing to the factors such as rapid increase in the use of laboratory equipment for research activities and increase in the investment by the public and the private companies. Calibration segment is estimated to be the fastest growing segment during the forecast period 2020-2025. The growth in this segment is owing to the factors such as growing need for accurate and precise information, growing consciousness among customers and the government regulations.
By End User- Segment Analysis
Based on the End User, the Clinical and Diagnostic Laboratories segment held the largest share in 2019, owing to the factors such as rapid increase in the research in drug discovery by the major companies, rapid increase in the number of diseases and growing awareness regarding health. Pharmaceutical and Biotechnological Companies segment is estimated to be the fastest growing segment owing to the factors such as increase in the demand for long-term treatment for chronic diseases, growing healthcare financial products and increase in the demand for generics market.
By Geography - Segment Analysis
Based on the Geography, North America held the largest share in 2019. The growth in this segment is owing to the factors such as advancements in technology, rapid growth in the healthcare infrastructure and government policies supporting the developments in healthcare. Asia-Pacific is estimated to be the fastest growing segment in the forecast period (2020-2025), owing to the factors such as rapid increase in the import of laboratory equipment, increase in the investment by the major companies in the developing nations and growing research in pharmaceutical companies.
Drivers – Laboratory Equipment Services Market
- Rapid increase in the research activities in the pharmaceutical and biotechnological industries.
The increase in the research activities in the pharmaceutical and biotechnological industries, owing to rapid increase in the number of diseases, well-developed infrastructures and advancements in technology is estimated to enhance the growth of Laboratory Equipment Services Market.
- Government policies to enhance biomedical research activities.
There is a rapid increase in the initiatives and policies by the governments towards biomedical research activities owing to growing awareness among customers, increase in the number of aging population and growing prevalence of chronic diseases. Investments in the biotechnology sector and improvement in the healthcare infrastructure is also estimated to enhance the growth of the Laboratory Equipment Services Market.
Challenges – Laboratory Equipment Services Market
- The shift from lab-based diagnosis to home-based testing and high cost associated with the service contracts and raw material.
The shift from lab-based diagnosis to home-based testing owing to increase in the awareness among customers, decreasing the chances of complications and advancements in technology is estimated to reduce the growth of the Laboratory Equipment Services Market. High costs associated with the service contracts and raw material is also said to reduce the growth of the Laboratory Equipment Services Market.
Laboratory Equipment Services Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Laboratory Equipment Services Market. Key companies of this market are Agilent Technologies, Danaher Corporation, Pace Analytical Services, Thermo Fisher Scientific Inc, PerkinElmer Inc, Waters Corporation, Eppendorf AG, Siemens Healthineers, Abbott Laboratories, Bio-Rad Laboratories Inc among others.
Acquisitions/Product Launches:
- In 2020, Agilent Technologies has launched CrossLab Connect Services for Lab-wide Asset Monitoring, which is an advanced service for laboratories seeking increased visibility and control over operations.
- In 2020, Waters Corporation has launched the Waters ARC HPLC System to help laboratories meet quality and production targets and for routine testing in the pharmaceutical, food, academic and materials market.
